The 24-unit White Oak Regency apartments at 5143 White Oak Ave. in Encino has sold for $15.36 million, or roughly $640,000 per unit.
Denmar Investment Co., a Beverly Hills-based property investment firm, sold the property to a private investor, according to a CoStar Report.
Cory Stehr with Lee & Associates represented the seller. Clyde Isaacson of Tamarak RES represented the buyer.
Originally built in 2008 as condominiums, the 43,850-square-foot multifamily property is located within walking distance of Ventura Boulevard, a Ralphs Fresh Fare grocery store and other retailers.
The property features four two-bedroom and 20 three-bedroom units that were fully occupied at the time of sale. The all-cash transaction represented the seller's down-leg in a 1031 tax-deferred exchange.
Recent renovations to the property include upgrades to the facade, lobby and common areas, and landscaping. An overhaul of the units’ interior has seen granite counter tops, stainless steel appliances, bathroom marble and in-unit washers/dryers go into each apartment.
Comparable recent sales include a trio of July transactions: the 38 units at 20422 Cohasset St. in Winnetka for $5.65 million, or $148,700 per unit; the 100-unit 15425 Sherman Way in Van Nuys for $21.3 million or $212, 500 per unit; and the 57 apartments at 5480 Quakertown Ave. in Woodland Hills for $13.9 million or $243,200 per unit.